Before
an individual passes away, it highly recommended that they get their
affairs in order. Estate Planning in Manhattan ensures that the
individual’s final property and health care wishes are honored.
Planning also ensures that the individual’s loved ones are provided
for in their absence.

What
is an Estate?

An
estate consists of an individual’s property including:

Real estate

Bank accounts

Stocks and/or other securities

Life insurance policies

Personal property

There
are many benefits that estate
planning provides for an individual.
Following is a list of a few reasons as to why it is important
individual plans ahead.

Reasons
and Benefits of Estate Planning

Provide
for loved ones. Without an estate plan in place, family members will
receive less compensation than they would if there was a plan. It
may also take a longer period of time to receive compensation. It is
important the family receives the highest amount of pay possible to
ensure any bills and living expenses are covered.

Children
will remain out of protective services. With lack of estate
planning, children who have lost both parents due to accident,
illness, or unexpected death, they may be placed with Child
Protective Services while the court decides who will serve as their
new guardian. Estate planning ensures the children will be placed
with a trusted individual.

Easier
retirement. Estate planning is not only beneficial when an
individual passes. Planning can benefit an individual when they age
by making sure they are eligible for government benefits such as
Medicare. This will reduce the healthcare costs and leave more money
for loved ones.

Keep
assets safe. Those who may have accumulated some sort of wealth,
often worry they will lose it all should there be any sort of legal
action involved. Many estate plans will help to minimize or
eliminate estate taxes as well as offer protection of the assets
from creditors, exposes and other lawsuits.

Take
Action

Estate
Planning in Manhattan is perhaps one of the most important and
thoughtful things an individual can do for their loved ones prior to
death. However, making sure it that the plan is written and planned
correctly may feel overwhelming at times. For more information on how
to properly plan, visit Rawcpa.com
today.